Andrew Carnegie
Andrew Carnegie, a Scottish immigrant, and a self-made steel tycoon. He travels up the corporate ladder to become one of the greatest men to ever live. Early Life Carnegie immigrated to the United States when he was thirteen years old, his family settled in Allegheny Pennsylvania, as a young man he worked many jobs to support his family. The most beneficial job he had as a young man was his work for the railroad where he learned about the shipping industry. Working His Way Up While working his way up through the railroad business he made investments. His boss at the Pittsburgh Railroad company taught him that if he was to become a rich man, you must control all of the factors, and then have a product to supply to a demand that people didn't know that they wanted. Carnegie began buying Steel Mills, and Iron Mills, and slowly amassed a small fortune. The New Process Carnegie soon realized that as the nation was expanding, steel would replace iron, it was stronger and more durable that iron, and that it also could be shaped into more forms that iron. On a trip back to Europe he discovered that steel mills in Europe had created a new way of making steel, Carnegie utilized the new process the open hearth furnace system to make steel in his mills, at a faster, and cheaper price. By the 1880's he had a significant conglomerate of steel mills. He sold his steel cheaper than everyone else around his to undercut his competitors. Start to Finish Carnegie implemented an unheard of business strategy called Start to Finish. That meant that he owned and control every step of the process used to create his products. Carnegie owned the iron mines where he got his iron from, the railroads that he shipped his products, the mills that he produced his steel in, and everything in between. Carnegie made a vast fortune by owning every step of the process and letting no one get in his way. The Monopoly In 1892 Andrew Carnegie had significant cause to consolidate all of his private steel mills, iron mines, and other smaller businesses into Carnegie Steel. Carnegie Steel soon became a Monopoly. Carnegie used his money, power, and influence to eliminate competition, and to make sure that he was the only steel provider on the market, allowing him to set the price that he wanted to sell steel for. He headquartered his Corporation in Pittsburgh Pennsylvania. The Need for Steel Carnegie foresaw the need for steel years before the rest of America did, he saw that buildings, boats, railroads, bridges, and other structures built out of iron could only go so far. Carnegie introduced steel to the world as a building material, it lasted longer, was flexible, was more durable, and all around better than iron. Using Carnegie's steel, skyscrapers could be built, railroads could be built faster, bridges were stronger and could carry more, a plethora of opportunities came from steel. Revolt Carnegie was a man of effiiciency, he wanted his steel mills to run as efficiently as possible, that meant little to no safety concern for his workers, and with no labor laws, he wasn't required to treat his employees nicely. His steel workers worked 12 hour days, six days a week, in terrible working conditions. In 1892 a revolt at Homestead, one of his first mills, known as the Homestead strike, occurred. It was ineffective to persuade Carnegie to change his ways, the Pennsylvania militia was called in and the strike ended. His Change of Heart Andrew Carnegie had come from a very poor immigrant family, he knew what it was like to struggle to survive. All throughout his business, he ran his companies with almost no regard for the working man, he described later in his life that "All throughout my life I've felt as if I've built my empire on the backs of other men, it was about time that I gave back." Andrew Carnegie sold Carnegie Steel to J.P. Morgan for 480 million dollars. Becoming the richest man alive. He spent the rest of his life give his money to others, promoting education. The 480 million dollars Carnegie recieved is equivalent to 400 billion dollars today. Friends with the Devil Andrew Carnegie was the only Monopoly owner to be friends with Teddy Roosevelt, The Great Trust Buster. Carnegie had already sold his business by the time Roosevelt began his presidency, and the two became lifelong friends. Carnegie's Legacy Once Andrew Carnegie sold his company, he dedicated his life to philanthropy. He made signifacant contributions to the education system, and even had a college in Pittsurgh named after him. Carnegie Melon University. Carnegie gave away most of his personal fortune, as well as 350 million of the 480 million that J.P. Morgan gave him before he died.